Ester Industries to consider issue of 5217392 shares on Dec 24, 2009

Ester Industries Ltd has announced that a meeting of the Board of Directors of the Company will be held on December 24, 2009, to consider to issue and allot 52,17,392 Equity Shares of Rs. 5/- each at a price of Rs. 23/- each, including a premium of Rs. 18/- per share on conversion of 52,17,392 Zero Coupon Unsecured Fully & Compulsorily Convertible Debentures of Rs. 5/- each.

The Board will also consider to issue and allot 21,73,914 Equity Shares of Rs. 5/- each, at a price of Rs. 23/- each, including a premium of Rs. 18/- per share on conversion of 2173914 Zero Coupon Convertible Share Warrants of Rs. 5/- each.

The stock closed the day at Rs.20.25, up by Rs.0.30 or 1.50%. The stock hit an intraday high of Rs.21.50 and low of Rs.19.80.

The total traded quantity was 122767 compared to 2 week average of 90625.

Source : Equity Bulls

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